The eco-conscious world today has something new to celebrate as ACEN secures a "B" rating from the CDP for climate change disclosure. This is a significant leap from its previous score, reflecting the company's strong commitment towards environmental accountability. The upgraded rating is a testament to ACEN's dedication towards the path of decarbonization and adherence to the highest environmental standards.
Since its first disclosure to CDP in 2022, ACEN has actively contributed to the Climate Change questionnaire, becoming a part of the world's most comprehensive inventory of self-reported environmental data. The company's ongoing efforts align perfectly with the increasing demand for environmental transparency from financial institutions, customers, and policymakers.
In 2022, ACEN undertook an unprecedented step by completing the world's first Energy Transition Mechanism (ETM) transaction. The transaction allowed a full divestment of the 246 MW South Luzon Thermal Energy Corporation (SLTEC) coal plant. This move ensures that the coal plant will retire by 2040, reducing its operational life by half and consequently reducing up to 50 million metric tons of carbon emissions.
In 2023, ACEN was the first energy company in Southeast Asia to launch a robust Net Zero roadmap. This roadmap includes near-term emission reduction targets that align with the GHG protocol and the latest climate science. This initiative reinforces ACEN's commitment to leading the sustainable energy revolution in the region.
Jonathan Back, ACEN Group CFO & Chief Strategy Officer, underlined the importance of environmental transparency through CDP as a pivotal part of their sustainability strategy. He emphasized how it enhances their capability to manage environmental risks while expanding their renewable energy portfolio globally.
CDP CEO, Sherry Madera, celebrated ACEN's commitment to transparency and accountability. She emphasized that sustainability is an essential part of long-term success in the business community and applauded ACEN's efforts towards a 1.5-degree future.
ACEN, the listed energy platform of the Ayala Group, boasts of an impressive 4,800 MW of attributable capacity from owned facilities across the Philippines, Australia, Vietnam, Indonesia, and India. Remarkably, 99% of this capacity is generated from renewable sources.
ACEN's aspiration is to be the largest listed renewable platform in Southeast Asia. The company has set an ambitious goal of reaching 20 GW of renewable capacity by 2030. Furthermore, ACEN is committed to transitioning its generation portfolio to 100% renewable energy by 2025 and becoming a Net Zero greenhouse gas emissions company by 2050.
CDP is a global non-profit that runs the world's environmental disclosure system for companies, cities, states, and regions. With over 23,000 businesses disclosing through CDP, it's clear that environmental transparency is being recognized as a key factor for business success.
CDP's influence is widespread, with more than 1,100 cities, states, and regions, and over 23,000 companies, disclosing data through their platform. CDP scores are increasingly being used to drive investment and procurement decisions towards a resilient, zero carbon, and sustainable economy.
In conclusion, ACEN's upgraded rating and its initiatives towards environmental transparency and accountability signal a promising future for the company. The steps taken by ACEN are not just significant for the organization but also pave the way for other companies to follow in their green footsteps.
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